Minister for Finance holds meeting with EU Commissioner Jyrki Katainen

The Minister for Finance Mr Michael Noonan T.D. today (08th September) met with the Vice President of the European Commission responsible for Economic and Monetary Affairs and the Euro, Mr Jyrki Katainen. Speaking after the meeting Mr Noonan stated:

“I had a very constructive meeting with Mr Jyrki Katainen, Vice President of the EU Commission and discussed the Irish Government’s plans to enhance Ireland’s debt sustainability through the early repayment of a portion of our IMF Loans.

Throughout the EU/IMF programme the EU Commission have been very supportive of Ireland’s efforts to improve our debt sustainability. The reduction of the interest rate on our loans in 2011 and the extension of maturities on our EU loans in 2013 supported Ireland’s successful return to the markets in 2014. The positive momentum towards Ireland has continued following the exit from the Programme and I briefed Mr. Katainen on the opportunity that now exists to make an early repayment of a portion of our IMF loans and replace it with less expensive market funding.

Mr Katainen indicated that he was in principle very supportive of Ireland’s plan to pursue measures that reduce our debt service burden and improve our debt sustainability and said he was looking forward to receiving more details to allow for a comprehensive assessment of the plan.

Tomorrow I will discuss the issue further at meetings with Klaus Regling CEO of the ESM, Jeroen Dijsselbloem President of the Eurogroup and Mario Draghi President of the ECB”.